IBOV 208,865.27 ▲ 8.72% IPSA 11,072.62 ▲ 1.43% IPC MEX 64,531.68 ▲ 1.10% MERVAL 2,882,805 ▲ 4.16% COLCAP 2,576.14 ▲ 2.43% BVL PERÚ 59,860.04 ▲ 0.55% USD/BRL5.00▼ 4.17% USD/MXN18.07▼ 0.57% USD/CLP971.45▼ 1.92% USD/COP3,202▼ 1.60% USD/PEN3.43▼ 0.13% USD/ARS1,520▼ 0.35% USD/UYU40.34▼ 0.30% USD/PYG5,844▲ 0.40% USD/BOB11.95▲ 0.17% USD/DOP59.80▼ 0.17% USD/CRC455.71▼ 0.15% USD/GTQ7.63▼ 0.09% USD/HNL26.86▼ 0.01% USD/NIO36.62— 0.00% USD/VES869.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.68▼ 0.14% EUR/BRL5.60▼ 4.85% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 208,865.27 ▲ 8.72% IPSA 11,072.62 ▲ 1.43% IPC MEX 64,531.68 ▲ 1.10% MERVAL 2,882,805 ▲ 4.16% COLCAP 2,576.14 ▲ 2.43% BVL PERÚ 59,860.04 ▲ 0.55% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
since 2009
Monday, October 5, 2026

Brazil Brazil Elections 2026

Brazil Heads to 7 Governor Runoffs as Rio Awaits Court

By · October 5, 2026 · 7 min read
A justice in black robes speaking into a microphone at the bench of Brazil's Superior Electoral Court, with flags behind
Inside Brazil's Superior Electoral Court in Brasilia, where both leading campaigns have filed actions against each other (Photo: Tribunal Superior Eleitoral, public domain via Wikimedia Commons)

ELECTIONS 2026 · BRAZIL

Runoff · Sunday, 25 October

Flávio Bolsonaro vs Lula: what happens next

First-round results, how the runoff works, the key dates and who backs whom, in one guide.

Read the runoff guide →

Key Facts

  • —The country Brazil, Latin America’s largest economy, elects governors for 26 states and the Federal District. Seven races go to a runoff on Sunday 25 October, alongside the presidential vote.
  • —Why it matters Governors run state police, schools and budgets. Winners can lend networks to conservative Senator Flávio Bolsonaro or President Lula of the left-wing Workers’ Party (PT), 1.87 points apart.
  • —Why now The day after the 4 October first round, Brazil’s electoral court (TSE) received the case that decides whether Rio de Janeiro votes again.
  • —What happened Former governor Anthony Garotinho’s lawyers sought an urgent ruling on 5 October; his file reached the TSE at 10:37 a.m. Without his 274,411 votes, assembly speaker Douglas Ruas would have about 50.9%.
  • —The numbers Four leaders fell less than one point short of 50%. Rio Grande do Norte is split by 15,509 votes and Tocantins by 13,412, according to TSE figures.
  • —What it means for you Rio de Janeiro hosts Petrobras and many foreign oil firms, US companies among them. Its next governor shapes policing and state finances for investors and visitors.
  • —Still open No date is set for the full court to hear Garotinho’s appeal. The TSE sits on 6 October and six more times in October.
  • —Prediction markets Polymarket gives Douglas Ruas a 93% chance of becoming Rio de Janeiro governor (5 October, 12:30 p.m. ET). Polymarket puts Flávio Bolsonaro’s chance of winning at 83% and Kalshi at 83% (Lula: 18% and 18%), as of 5 October, 2:20 pm ET; prices are bets, not polls.

Brazil governor runoffs on Sunday 25 October will settle who runs seven states, including Rio de Janeiro. Whether Rio votes at all now depends on Brazil’s electoral court, the TSE.

For foreign investors, Rio matters most: it hosts Petrobras and many foreign oil companies, US firms among them. Its next governor runs state policing and finances for four years.

On Monday 5 October the file on Anthony Garotinho’s barred candidacy reached the court at 10:37 a.m. Brasília time, G1 reported. If judges void his votes, Douglas Ruas, speaker of Rio’s state assembly, wins Rio outright.

Ruas belongs to Jair Bolsonaro’s Liberal Party (PL), Brazil’s main conservative party, chaired by Valdemar Costa Neto.

Rio’s Runoff Now Rests With the Electoral Court

Garotinho, a former Rio governor, finished third with 3.17% of valid votes. Rio’s regional electoral court had rejected his candidacy over an administrative misconduct conviction that suspended his political rights.

His lawyers argue that the suspension ended in July and have appealed. On Monday they filed an urgent request at 9:42 a.m., citing priority rules for older litigants, CBN reported.

The regional court sent the case to Brasília less than an hour later. The rapporteur is Justice Floriano de Azevedo Marques, who stripped Garotinho’s campaign funding and airtime on 2 October.

On election day, TSE president Kassio Nunes Marques ruled that Garotinho’s votes stay in the percentages until the full court decides. That order, reported by O Globo and Valor, is why Rio officially has a runoff.

With Garotinho’s votes included, Ruas has 49.27% against 42.76% for former Rio mayor Eduardo Paes of the centre-right PSD, chaired by Gilberto Kassab. Without them, G1 calculated, Ruas rises to about 50.9% and is elected.

The rules give the process a fixed path while the appeal runs. Free runoff airtime on radio and television starts on Friday 9 October either way.

Earlier coverage: Brazil’s Governors Map: 20 Won Outright, Seven Runoffs and TSE Voids Garotinho Votes Before Rio Governor Vote.

Four Leaders Fell Within a Point of Victory

A candidate needs more than half of valid votes, which exclude blank and spoilt ballots, to avoid a runoff. Four of the seven leaders in the Brazil governor runoffs missed by less than one point, TSE figures show.

In the Federal District, home of Brasília, Governor Celina Leão of the centre-right Progressistas (PP), led by Ciro Nogueira, took 49.93%. She faces former district lawmaker Leandro Grass of the PT, chaired by Edinho Silva, on 34.47%.

In Acre, on the Peruvian border, Governor Mailza Assis (PP) took 49.76% against 32.27% for Senator Alan Rick of the Republicanos, a conservative party led by Marcos Pereira. In Espírito Santo, former Vitória mayor Lorenzo Pazolini (Republicanos) won 49.65% against 34.06% for Governor Ricardo Ferraço of the centrist MDB, led by Baleia Rossi.

Ferraço took office in April after Governor Renato Casagrande resigned to run for the Senate, Bloomberg Línea reported. Leão became governor in March, when Governor Ibaneis Rocha stepped down.

Grouped bar chart of first- and second-place vote shares in Brazil's seven governor runoff states, 4 October 2026
Four runoff leaders finished within one point of the 50% needed to win outright on 4 October. Rio's figures include Anthony Garotinho's sub judice votes. (Source: TSE final count)

Two Races Decided by a Few Thousand Votes

Rio Grande do Norte is the tightest contest. Former Mossoró mayor Allyson Bezerra of the centre-right União Brasil, led by Antonio Rueda, took 36.94%. That put him 15,509 votes ahead of former state finance secretary Cadu de Lula (PT), on 36.16%.

Álvaro Dias of the PL, a former Natal mayor, finished third with 26.71%, Bloomberg Línea reported. His voters are the largest pool still in play.

In Tocantins, Senator Professora Dorinha of União Brasil leads federal deputy Vicentinho Júnior of the centre-right PSDB, led by Aécio Neves, by 45.52% to 43.94%. That gap is 13,412 votes.

Amazonas is the exception. Senator Omar Aziz of the PSD, a former governor, took 40.63% against 24.49% for Professora Maria do Carmo, a Bolsonaro supporter from the PL.

How the Brazil Governor Runoffs Feed the Presidential Race

The governor races share the ballot with the presidential runoff between Flávio Bolsonaro and Lula. Flávio led the first round with 47.03% of valid votes to Lula’s 45.16%, according to the TSE.

Both camps want allies on the ground in the seven states. Ruas belongs to Flávio’s camp, while Paes has called himself a “proud ally” of Lula, UOL reported.

Flávio phoned Ruas on Sunday night to congratulate him, O Globo reported. In Espírito Santo he has backed Pazolini, while Ferraço stayed neutral in the first round.

In Amazonas, Aziz is a Lula ally and Maria do Carmo backs Flávio, the news site PlatôBR noted. Allyson, in Rio Grande do Norte, has kept his distance from both presidential candidates.

What It Means for You

For holders of Brazilian shares and ADRs, the presidential runoff on the same day is the bigger market event. The governor results show where each camp holds local power once governors take office on 6 January.

A quick TSE ruling would end Rio’s uncertainty early, while a long appeal keeps two campaigns running until 25 October. Either way, the state’s oil royalties and police budget pass to the winner.

Visitors should expect rallies in all seven states until the vote. Voting is compulsory for Brazilians aged 18 to 70, so polling stations and roads are busy on election Sunday.

What Is Not Known

No date has been set for the full court to rule on Garotinho’s appeal. The TSE sits on Tuesday 6 October and again on 8, 13, 15, 20, 22 and 27 October, O Globo reported.

It is unclear whether a ruling will come before campaign airtime begins. If the court upholds his candidacy, his votes become valid and Rio votes on 25 October as planned.

The court also faces pending cases on Deltan Dallagnol, elected senator for Paraná, and Dr. Furlan, elected governor of Amapá. Neither touches the seven runoffs, but both compete for the same session time.

What Prediction Markets Say

Bets on Polymarket’s “Rio de Janeiro Governor Election Winner” market priced Douglas Ruas at 93% and Eduardo Paes at 6% at 12:30 p.m. ET on 5 October. About US$655,000 has been traded on the market.

The big move came after the first round: Ruas gained about 76 points in 24 hours, while Paes lost about the same.

Prediction markets · who wins the runoff

Implied chance of winning Brazil’s presidency on 25 October, from traders’ prices.

Polymarket

Flávio Bolsonaro 82.5% · Lula 17.5% (US$173 million traded)

Kalshi (regulated in the US by the CFTC)

Flávio Bolsonaro 83% · Lula 18%

As of 5 October, 2:20 pm ET (19:20 Lisbon), updated every 20 minutes. Prices are bets, not polls, and can move fast.

Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.

Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.

Which states hold Brazil governor runoffs on 25 October?

Acre, Amazonas, the Federal District, Espírito Santo, Rio de Janeiro, Rio Grande do Norte and Tocantins. Rio’s runoff still depends on a TSE ruling on Anthony Garotinho’s votes.

Why might Rio de Janeiro skip its runoff?

Garotinho’s 274,411 votes are counted as sub judice while his barred candidacy is appealed. If the TSE voids them, Douglas Ruas rises above 50% of valid votes and wins outright.

Which governor runoff is the closest?

Rio Grande do Norte. Allyson Bezerra of União Brasil leads the PT’s Cadu de Lula by 36.94% to 36.16%, a gap of 15,509 votes.

Sources: G1 (case reaches TSE), 5 October 2026; CBN, 5 October 2026; O Globo (Nunes Marques order), 5 October 2026; Valor, 4 October 2026; G1 (Rio result), 4 October 2026; O Globo (TSE sessions), 5 October 2026; Metrópoles, 5 October 2026; Bloomberg Línea, 5 October 2026; Agência Brasil, 5 October 2026; UOL, 5 October 2026; O Globo (Flávio calls), 5 October 2026; PlatôBR, 5 October 2026; Diário do Rio, 5 October 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

Frequently Asked Questions

RT
Ask Rio Times
This story and the bigger picture.
Open the full Ask Rio Times →

The LatAm Brief

One email, every weekday morning. What moved in Latin American markets, politics and expat life.

Yesterday’s subject line: “Brazil runoff set: Flávio 47%, Lula 45%, 25 October”

Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map →

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.